{"id":4187,"date":"2020-07-02T07:24:53","date_gmt":"2020-07-02T07:24:53","guid":{"rendered":"https:\/\/signdesk.com\/in\/?p=4187"},"modified":"2025-10-28T03:09:38","modified_gmt":"2025-10-28T08:39:38","slug":"what-are-the-steps-in-rbis-new-vcip","status":"publish","type":"post","link":"https:\/\/melento.ai\/en-in\/blog\/what-are-the-steps-in-rbis-new-vcip","title":{"rendered":"What are the steps in RBI\u2019s new VCIP?"},"content":{"rendered":"

V-CIP\u00a0<\/strong><\/span><\/h2>\n

In a move with far-reaching consequences, RBI<\/a> issued a <\/span><\/span>notification<\/a><\/strong> dated January 9th, 2020, officially recognizing the Video-Based Customer Identification Process (VCIP) as a method of customer identification.\u00a0<\/span><\/span><\/p>\n

This means that banks and Regulated Entities (RE) can collect KYC information from their customers and perform authentication in a manner that is entirely remote and digitized.\u00a0<\/span><\/p>\n

If you\u2019re curious as to what RBI has said about the steps involved in VCIP<\/strong><\/a>, this article is for you. Here we will examine the steps mentioned in this notification while taking some well-intentioned detours along the way.<\/span><\/p>\n

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Benefits of the notification<\/strong><\/span><\/h2>\n

Firstly, it\u2019s important to mention the effects that the notification will have on the financial landscape of India.<\/span><\/p>\n

RBI\u2019s notification regarding VCIP is <\/span>hugely beneficial<\/span> to both financial institutions and their customers in several ways, from significant reductions in operational costs to massive improvements in customer convenience. The notification will directly improve financial inclusion and the ability of companies to scale<\/span><\/span><\/span><\/p>\n

What steps are involved?<\/strong><\/span><\/h2>\n

The RBI notification stipulates a set of steps for banks and RE to follow when authenticating their customers through VCIP<\/span>. The steps are outlined in the <\/span>amendment<\/span><\/a><\/strong> to the Master DIrection (MD) on KYC.\u00a0<\/span><\/span><\/p>\n

These steps are as follows :<\/span><\/p>\n